YTD 2010 MARKET SNAPSHOT
Prepared by Paul Hurst
This survey compares Year-to-Date (Jan. 1 – Mar. 31) of 2010 with the same period in 2009. Most of the areas are starting to see an increase in the number of sales, and while average and median prices are down, percentage of list-to-sale prices is up. In fact, we are seeing more multiple offers in the under $1M price range, and even some in the more expensive price points.
Things are looking up!: In Q1 of 2010, there were about 451 closed or pending sales*, which works out to over 5 closed sales or new escrows every day …not bad! (That compares to about 4/day in 2009). The number of units selling is up in most of the areas. The foreclosure rate is still low compared to the rest of the state and country. Our high-end neighbor- hoods are showing average price increases, which indicates smart money is coming back in the market. We are seeing more investors coming into the market, and more multiple offers, which is another indication the market has hit the bottom. Interest rates are still very, very good, and there are many opportunities to take advantage of 2003-4 prices.
CARPINTERIA / SUMMERLAND
(Includes Beach Property on Padaro, Fernald, San Point, & Finney)
|
YEAR
|
Sales /
In Escrow
|
% Chg
|
Average
Sale Price
|
% Chg
|
Median
Sale Price
|
% Chg
|
% of
List
|
|
SINGLE FAMILY HOMES
|
|||||||
|
YTD
2010
|
19
14
|
|
$1,016,700
|
|
$835,000
|
|
98
|
|
YTD
2009
|
6
16
|
+216%
-12%
|
$1,760,000
|
-42%
|
$662,500
|
+26%
|
85
|
|
CONDOS & TOWNHOMES
|
|||||||
|
YTD 2010
|
14
20
|
|
$ 384,407
|
|
$ 386,850
|
|
98
|
|
YTD
2009
|
8
13
|
+75%
+53%
|
$ 436,188
|
-11%
|
$ 436,250
|
-11%
|
94
|
MONTECITO
|
YEAR
|
Sales /
In Escrow
|
% Chg
|
Average
Sale Price
|
% Chg
|
Median
Sale Price
|
% Chg
|
% of
List
|
|
SINGLE FAMILY HOMES
|
|||||||
|
YTD 2010
|
24
33
|
|
$3,613,255
|
|
$2,262,500
|
|
90
|
|
YTD
2009
|
24
28
|
+0%
+17%
|
$2,694,333
|
+34%
|
$2,300,000
|
-1%
|
90
|
|
CONDOS & TOWNHOMES
|
|||||||
|
YTD
2010
|
5
5
|
|
$1,444,000
|
|
$1,075,000
|
|
94
|
|
YTD
2009
|
0
1
|
+500%
+400%
|
-------
|
-------
|
--------
|
-------
|
----
|
SANTA BARBARA – EAST OF STATE STREET
|
YEAR
|
Sales /
In Escrow
|
% Chg
|
Average
Sale Price
|
% Chg
|
Median
Sale Price
|
% Chg
|
% of
List
|
|
SINGLE FAMILY HOMES
|
|||||||
|
YTD
2010
|
45
54
|
|
$1,065,177
|
|
$ 860,000
|
|
95
|
|
YTD
2009
|
33
42
|
+36%
+28%
|
$1,037,364
|
+2%
|
$ 970,000
|
-11%
|
92
|
|
CONDOS & TOWNHOMES
|
|||||||
|
YTD
2010
|
16
15
|
|
$ 421,625
|
|
$ 417,500
|
|
95
|
|
YTD
2009
|
8
15
|
+100%
+0%
|
$ 669,500
|
-37%
|
$ 599,000
|
-30%
|
96
|
SANTA BARBARA – WEST OF STATE STREET
|
YEAR
|
Sales /
In Escrow
|
% Chg
|
Average
Sale Price
|
% Chg
|
Median
Sale Price
|
% Chg
|
% of
List
|
|
SINGLE FAMILY HOMES
|
|||||||
|
YTD 2010
|
38
51
|
|
$ 859,271
|
|
$ 792,500
|
|
97
|
|
YTD
2009
|
34
45
|
+11%
+13%
|
$ 911,129
|
-5%
|
$ 725,000
|
+9%
|
97
|
|
CONDOS & TOWNHOMES
|
|||||||
|
YTD 2010
|
17
26
|
|
$ 486,324
|
|
$ 451,000
|
|
97
|
|
YTD
2009
|
10
13
|
+10%
+13%
|
$ 594,130
|
-18%
|
$ 522,500
|
-13%
|
94
|
HOPE RANCH (may inc. an area adj. to, but outside the actual Ranch)
|
YEAR
|
Sales /
In Escrow
|
% Chg
|
Average
Sale Price
|
% Chg
|
Median
Sale Price
|
% Chg
|
% of
List
|
|
SINGLE FAMILY HOMES
|
|||||||
|
YTD 2010
|
5
7
|
|
$3,592,850
|
|
$3,500,000
|
|
92
|
|
YTD
2009
|
2
4
|
+150%
+75%
|
$2,365,500
|
+51%
|
$2,365,500
|
+47%
|
91
|
SOUTH GOLETA
|
YEAR
|
Sales /
In Escrow
|
% Chg
|
Average
Sale Price
|
% Chg
|
Median
Sale Price
|
% Chg
|
% of
List
|
|
SINGLE FAMILY HOMES
|
|||||||
|
YTD 2010
|
16
18
|
|
$ 742,520
|
|
$ 598,000
|
|
99
|
|
YTD
2009
|
18
24
|
-11%
-25%
|
$ 788,872
|
-5%
|
$ 655,000
|
-8%
|
96
|
|
CONDOS & TOWNHOMES
|
|||||||
|
YTD 2010
|
7
13
|
|
$ 347,000
|
|
$ 260,000
|
|
101
|
|
YTD
2009
|
6
11
|
+16%
+18%
|
$ 480,833
|
-27%
|
$ 372,000
|
-30%
|
98
|
NORTH GOLETA & UNINCORP. SANTA BARBARA (93111)
|
YEAR
|
Sales /
In Escrow
|
% Chg
|
Average
Sale Price
|
% Chg
|
Median
Sale Price
|
% Chg
|
% of
List
|
|
SINGLE FAMILY HOMES
|
|||||||
|
YTD 2010
|
32
44
|
|
$ 731,786
|
|
$ 682,500
|
|
98
|
|
YTD
2009
|
33
34
|
-3%
+29%
|
$ 787,585
|
-7%
|
$ 715,000
|
-4%
|
95
|
|
CONDOS & TOWNHOMES
|
|||||||
|
YTD 2010
|
7
12
|
|
$ 358,143
|
|
$ 455,000
|
|
99
|
|
YTD
2009
|
5
13
|
+40%
-7%
|
$ 380,580
|
-5%
|
$ 460,000
|
-1%
|
96
|
% Change (rounded) compares the YTD of 2010 to YTD of 2009 only;
In 2009, a full 87% of all homebuyers used the Internet to search for a home, according to NAR. That’s up from 84% in 2007 and 80% in 2006. Over a third of buyers last year first saw the home they purchased on the Internet.
YTD CLOSED (& PENDING) SALES BY PRICE POINT
|
> $499,999
|
61 (39)
|
|
$500,000 - $749,999
|
65 (62)
|
|
$750,000 - $999,999
|
49 (31)
|
|
$1,000,000 - $1,999,999
|
41 (28)
|
|
$2,000,000 - $2,999,999
|
11 (7)
|
|
$3,000,000 - $4,999,999
|
7 (2)
|
|
$5,000,000+ (4 over $10M)
|
4 (6)
|
*MLS sales of single family homes, condos, townhomes & PUDs.
